#数字资产市场洞察 The current market is a bit strange—rise is rising, but no one dares to say that this is truly driven by Consensus. Rather than saying it is a broad rise, it is more of a "rise in skepticism."

The most heart-wrenching aspect of this wave of rise is that the market is moving up in a very indifferent manner. As we approach the end of the year, there are no major news items being treated as good news; stocks, precious metals, and commodities are all rising together, yet the level of discussion among investors has dropped to freezing point. This is not a rise driven by high emotions; rather, it feels like it is being pushed by inertia in the absence of information.

The most interesting phenomenon is that the signals between assets are completely "fighting": gold, silver, and copper are all reaching historical highs simultaneously, but they are each speaking their own language —

Gold says: I want to hedge against chaos and uncertainty.
Silver is saying: liquidity is going to be loose, I want to follow the trend and speculate a bit.
Copper says: The real economy is about to rise, optimistic about real demand.

What clear direction for buying is this? It is evident that the market is betting on three completely different futures at the same time, essentially a "don't believe anything" defensive operation.

A more striking signal comes from Bitcoin's performance. It has not kept up with this round of rise—being the asset most sensitive to rule changes, this may be an early warning. Additionally, in the volatility market, the short-term VIX is suppressed very low, but the long-term volatility expectations are frighteningly high, which is a typical signal of "everything seems calm now, but something will happen later."

So the current rise may continue, but the driving force has long since fallen apart. When the rise goes from "no reason needed" to "must find a reason," the turning point is often not far away. This state right now may already be the end of this narrative.